XML 14 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)        
Interest income $ 67,500 $ 42,140 $ 178,408 $ 110,133
Interest expense 39,548 23,850 110,819 63,698
Net interest income 27,952 18,290 67,589 46,435
Other revenue:        
Gain on sales, including fee-based services, net 17,451 17,126 51,266 55,127
Mortgage servicing rights 25,216 18,897 62,787 56,182
Servicing revenue, net 14,244 8,520 34,662 19,923
Property operating income 2,651 2,668 8,525 8,755
Other income, net (3,982) 778 (1,574) (931)
Total other revenue 55,580 47,989 155,666 139,056
Other expenses:        
Employee compensation and benefits 27,775 25,194 84,084 66,861
Selling and administrative 9,994 7,607 27,783 23,136
Property operating expenses 2,437 2,583 8,089 7,843
Depreciation and amortization 1,848 1,829 5,539 5,542
Impairment loss on real estate owned     2,000 2,700
Provision for loss sharing (net of recoveries) 2,019 (2,617) 2,840 (405)
Provision for loan losses (net of recoveries) 836 2,000 (967) (457)
Litigation settlement gain (10,170)   (10,170)  
Management fee - related party       6,673
Total other expenses 34,739 36,596 119,198 111,893
Income before extinguishment of debt, (loss) income from equity affiliates and income taxes 48,793 29,683 104,057 73,598
(Loss) gain on extinguishment of debt (4,960)   (4,960) 7,116
(Loss) income from equity affiliates (1,028) 996 1,104 1,756
Provision for income taxes (5,381) (6,708) (1,096) (16,244)
Net income 37,424 23,971 99,105 66,226
Preferred stock dividends 1,888 1,888 5,665 5,665
Net income attributable to noncontrolling interest 7,799 5,662 22,347 16,597
Net income attributable to common stockholders $ 27,737 $ 16,421 $ 71,093 $ 43,964
Basic earnings per common share (in dollars per share) $ 0.37 $ 0.27 $ 1.05 $ 0.78
Diluted earnings per common share (in dollars per share) $ 0.36 $ 0.26 $ 1.03 $ 0.77
Weighted average shares outstanding:        
Basic (in shares) 74,802,582 61,582,796 67,490,132 56,602,504
Diluted (in shares) 98,435,964 83,918,117 91,133,607 78,942,919
Dividends declared per common share (in dollars per share) $ 0.25 $ 0.18 $ 0.71 $ 0.53